Warranty insurance products are an important way for brokers, distributors, and vendors to address the needs of an increasingly competitive marketplace.
For an insurance broker, it can mean assisting a business that wants to offer a longer warranty to its customers. For manufacturers, it’s an opportunity to focus on product design and innovation while also offering a service to customers that separates them from the competition.
Warranty insurance products are a great way to increase differentiation in what brokers can offer. They help create new sales channels, tap into alternate avenues to support client retention, add revenue tools to commercial customers, and deliver better customer experiences.
As more and more businesses seek out program solutions for commercial and personal property risk, the Warranty space will continue to grow and evolve. These businesses include automotive dealerships, financial institutions, manufacturers, retailers, and real estate companies.
Warranty products are available for various sectors. For the automotive sector, this could involve:
- Guaranteed Asset Protection
- Vehicle Replacement Protection
- Vehicle Extended Warranty
- Negative Equity Protection
- End of Lease Protection
At a more basic level, this could also involve Trip Interruption/Road-side assistance solutions or Tire and Rim protection.
In the Property sector, warranty coverage can range from repair/replacement of systems to appliance breakdown coverage solutions for homeowners and developers. Purchase warranties and extended warranties for retailers are another way warranty solutions can support this sector.
At Aviva, we see our role as “Warranty Creators” who innovate and collaborate with brokers, distributors, and vendors on products, channels, and markets to deliver the most contemporary solutions in the warranty segment.
Aviva has taken this collaborative approach as we see the growth potential in the Warranty space. At the heart of our partnerships is positive customer experiences, value for price and fair treatment of customers. With a claims experience that meets or exceeds the service Aviva is known for, are you ready to create with us?
To learn more about Warranty or how you can create with us, please contact us at gcsprograms.canada@aviva.com
